By APD writer Melo M. Acuña

Overseas Filipinos (OF) sent US$3 billion last October, posting a 7.7 percent increase from the US$2.8 billion in October 2018. The total cash remittances from January to October grew by 4.3 percent to US$27.6 billion, higher than last year’s level of US$26.5 billion.

The Bangko Sentral ng Pilipinas (BSP) said personal remittances for January to October 2019 from land-based workers with work contracts of one year or more grew by 3.8 percent to US$21.1 billion from US$20.3 billion in the same period last year.

The combined remittances of sea-based and land-based workers with short-term contracts increased by 7.5 percent to US$5.9 billion during the period compared to US$5.5 billion in 2018.

The BSP in their statement released today said cash remittances coursed through banks by Overseas Filipinos with work contracts of less than a year rose by 8 percent to US$2.7 billion in October 2019 from US$2.5 billion in October 2018. The cumulative cash remittances for the period January-October 2019 to US$23.9 billion, higher by 4.6 percent compared to US$23.8 billion in 2018.

Cash remittances from land-based workers increased by 3.8 percent to US$19.4 billion while sea-based workers’ remittances increased by 8 percent to US$5.4 billion.

It was learned the highest remittances have come from the United States where remittances from January to October 2019 reached 37.6 percent. Saudi Arabia, Singapore, Japan, United Arab Emirates, the United Kingdom, Canada, Germany, Hong Kong, and Kuwait accounted for 78.4 percent of total cash remittances during the period.

Foreign remittances and business process outsourcing provide a significant part of the country’s Gross Domestic Product (GDP) and Gross National Income (GNI).

(ASIA PACIFIC DAILY)